Little Elf Before Shark Tank
Cutting gift wrapping paper has been a struggle that many face for all too long. Sometimes the paper rolls back up, folds up, or even tears while an individual is trying to grab a sheet. Not to mention, using scissors doesn’t always go the way many would hope. Scissors tend to be more difficult to use when cutting gift wrapping paper. The scissors often slip around, or the paper ends up with a jagged cut, making the wrapping job look kind of sloppy. Many get stressed and frustrated during the holidays or even during birthdays for this exact reason. Fortunately, one entrepreneur has had enough of these struggles and has set out to create a simple tool to make gift wrapping easier.
Little Elf is a one-and-only cutter for gift wrapping paper. Though is does not currently have a patent. Not only is this cutter safer than using scissors, but it also ensures that the gift wrap will have a clean, straight cut. The Little Elf cutting tool is made to be compact enough to fit in one’s hand, yet wide enough to secure around the wrapping paper roll for easy, one-time cutting needs.
The Little Elf gift wrap cutter was founded by Bryan Perla. This entrepreneur had always had a passion for creating new things ever since he was young. In fact, his idea for Little Elf came to him when he was still in high school. After witnessing the many times his friends and family would be struggling to nicely wrap their gifts during the holidays, and how much stress would be endured through doing so, Bryan felt that he needed to come up with a solution to make cutting gift-wrapping paper easier. That’s when Little Elf was created with the intention of making holidays easier and stress-free so that families can focus more on spending time together.
In 2016, Bryan officially launched Little Elf, and, in 2018, he launched a Kickstart campaign. During the campaign, the founder successfully raised more than $130,000 from almost 5,000 backers. With this success, Bryan was immediately able to start producing more Little Elf cutters. He began selling the gift wrap paper cutters on his website ad Amazon; however, he found that people were starting to create and sell off-brand replicas of the cutters. This was able to happen because the founder had not yet gotten a patent for his design. Regardless, Bryan now wants sharks help with expanding Little Elf further.
Little Elf on Shark Tank
Bryan Perla appeared on Shark Tank in December 2019 with his Little Elf gift wrapping paper cutter. He is hoping to get a deal of $150,000 in exchange for a 15% equity in his business. The founder begins pitching the cutter to the sharks, while demonstrating how it works. Each shark also received a sample to analyze. Lori Greiner and Barbara Corcoran come up to the stage to test it themselves; he both seem to be impressed by how well it works on difficult wrapping paper. To conclude his demonstration, the founder then shows the sharks that the opposite side of the cutter can be used to cut a sheet of paper in half easily.
The entrepreneur reveals that the Little Elf cutter has already received notice from a well-known wrapping paper company; he has a licensing agreement with the company. He then mentions that he has done $250,000 in sales in just a year before appearing on Shark Tank. Lori Greiner presents Bryan with an offer first, stating that she will do $150,000 in exchange for a 30% equity in Little Elf. Kevin O’Leary follows behind, quickly offering $150,000 in exchange for a 10% equity, but he also wants a $1 royalty until he is paid back $450,000. With Lori and Kevin being the only two sharks to make offers, they’ve been bidding back and forth. But Bryan isn’t interested in a team of sharks. Lori finally decreases down to 20% equity.
As for the other sharks, they’re not as interested in the business. Robert Herjavec does not believe that this business is for him, so he drops out. Barbara Corcoran goes next, state that she believes Bryan could do fine without a shark’s investment. The final shark to drop out of the deal was Mark Cuban. He also doesn’t think the company is right for him; however, his reasoning is because he doesn’t think he can get Bryan any sales from TV, whereas Lori can. Once all of the negotiations stop, Bryan decides to accept Lori’s deal for a $150,000 deal in exchange for a 20% equity in Little Elf.
Little Elf Now in 2023 – The After Shark Tank Update
Following Bryan Perla’s success on Shark Tank, the Little Elf business seems to be doing well in 2023. Unfortunately, the deal Bryan sealed with Lori Greiner was dropped without being completed. There have been some mentions that the shark likely dropped out due to off-brand replicas of Little Elf being advertised and purchased, though that has not yet been confirmed. Additionally, Bryan graduated from Stanford University this year, so he now works at Little Elf full time. There are rumors that he is working on launching new additions, although there has not been any confirmation or launch date of that happening. Nonetheless, it could happen further down the line.
Nonetheless, it seems that Lori Greiner and Kevin O’Leary had the right idea when they started bidding each other for the investment with this company. The Little Elf gift wrapping cutter has become a success. The product is still being sold on the company’s website and on Amazon; however, it can now be found in more than 1,500 physical stores. Just some of these stores include Target, CVS, Kroger, Hobby Lobby, Walmart, and Bed, Bath, & Beyond. Furthermore, the business has been doing about $1 million in sales each year.